The ministry is looking to have a busy Parliament session with four Bills expected to be passed. What do the new pieces of legislation propose for the sector?
The Merchant Shipping Bill is one of the most advanced, innovative and credible legislation items which is going to be placed in the House. So this is going to empower India to develop its tonnage because earlier there were a lot of restrictions in registration of vessels, because of which no one was interested to come. Now, registration for non-resident Indians, overseas citizens of India, and joint ventures will be allowed. We have digitised the registration process. This is an opportunity for vessel owners to join hands and discover that India is the most suitable destination for investment.
All international conventions have been complied with in areas like pollution, compensation, interests of seafarers, vessel standards, cruises, and provisions on marine pollution such as oil spills and environmental standards.
We want to grow our economy, but not at the cost of the environment. By 2047, we want to be among the top five shipbuilding countries in the world.
What is the policy on boosting shipbuilding in the country?
This story is from the November 30, 2024 edition of Business Standard.
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This story is from the November 30, 2024 edition of Business Standard.
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